In the healthcare industry, physician turnover remains a costly, worrisome problem. According to the American Medical Association (AMA), one in five physicians will likely leave their current practice within the next two years.
Unfortunately, high turnover rates often lead to lower quality care, plummeting morale and higher costs. When physicians resign unexpectedly—something 28% of healthcare organizations experienced last year—it can result in million-dollar losses.
Needless to say, healthcare administrators are eagerly seeking ways to prevent physicians from resigning and reneging on employment agreements. Fortunately, there are a number of ways to get ahead of this critical problem, including those covered here.
Practicing medicine has always been demanding and stressful, but for many, the pandemic was the last straw. Research indicates that burnout is the overwhelming reason behind many recent resignations.
According to provider surveys, physicians seek a healthier work/life balance, lighter schedules, and beneficial locations, plus competitive salaries. New hires want these things, too, along with generous time-off, career development opportunities and stellar benefits that include relocation assistance.
Yes, it’s a big ask. And it’s not something most hospitals can produce overnight. But there are some very real improvements you can make over time—starting with a solid retention plan.
If you don’t have a formal physician retention plan, now’s the time to create one. While no single action is likely to turn the tide, a thoughtful, multipronged initiative—one that includes these six strategies—will make a difference.
Don’t assume you know why your physicians are leaving—ask them. Form a retention plan team or committee, conduct surveys, hold virtual meetings. Ask for specific feedback on how you can improve your staff’s work lives. The mere fact that you’re asking will carry some weight.
Many healthcare employers enriched their wellness benefit offerings in the wake of the pandemic. That’s a great start, but there’s much more you can do—like offering more PTO and flexible work schedules (admittedly, no small thing, but very compelling). And how about offering customized stress management programs and conducting regular wellness check-ins?